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Las Vegas Market Update - April 2012

The Current Las Vegas Market

Single family residential (SFR) closings for March were up 15% from February and up 4% from March 2011. Overall inventory declined nearly 20% during March with no end in sight. That means there is ony about six weeks of inventory available based on current demand.

Click here for the most current Equity Title Market Update Report

What About Available REO Properties?

According to a recent DSNews.com article: 

"Federal Reserve Issues Policy Statement on Foreclosures as Rentals"

"The general policy of the Federal Reserve is that banking organizations should make every effort to dispose of foreclosed properties and get them off their books as quickly as feasibly possible." 

Click here for the entire Article

Market and Price Changes

Again the month both the median and average prices increased with the median closed price of an SFR increasing to $123,000 and the average price at $151,941. increase. In fact nearly every area in the Greater Las Vegas area enjoyed an increase in average price this past month!

Market Momentum

Las Vegas Market Update March 2012

The Current Las Vegas Market

Single family residential (SFR) closings for February were up 4% from January and up 18% from February 2011. There was yet another dramatic shift from REO closings to short sales as the available REO inventory continues to decline!

What About Available REO Properties?

Many would like for us to believe that all of the precipituous drop in REO inventory is due almost exclusively to Assembly Bill 284 which dealt with the RoboSigning issues in Nevada. Its certainly true that Notices of Default (NODs) have nearly halted since AB-284 went into effect on October 1, 2011; however the Las Vegas market was already witnessing a severe decline in available REO properties prior to this date. I believe that foreclosures have essentially become politically incorrect in general in the United States and that there is a push to either keep inventory off the market or to embrace short sale and deed-in-lieu alternatives.


Why do I believe this? Well, if banks were concerned about AB-284 why didnt they speed up the NOD process prior to October 1, 2011? Why do banks pay the county tax bills even though they havent received a payment from the Borrower in over two years? Why are we seeing the same trend in decreasing REO inventory in markets such as Phoenix/Scottsdale where there is no AB-284 impact? Its simple! The banks own very, very few of the loans they service and are obviously benefitting from protracted foreclosure periods. Perhaps we need to modify the NRS Chapter 107 foreclosure laws to protect the interests of both the Borrower and the Noteholder?

Market and Price Changes

Bote the median and average prices increased during February with the median closed price of an SFR increasing by 12.5% to $121,000. However, the median closed sales price of a traditional SFR increased by 3.45% at $150,000. But lets keep in mind that these price increases were not uniform throughout the Greater Las Vegas Valley. For example, the Northwest enjoyed a 4.1% average closed sales price increase while Summerlin witnessed an 18.4% increase and Henderson a 7.5% increase. It just reminds us that all real estate is local.